SBI Life Insurance Child Plan

Parenthood is an extremely happy phase of life but this phase has its responsibilities. For providing a very good lifestyle, good education and fulfilling all other necessities of your children you will need proper financial planning. This need for a financial corpus is understood by the SBI Life Insurance Company and has been addressed by SBI Life Insurance Child Plan.
SBI Life Insurance Child Plan
SBI Life Insurance Child Plan

SBI Life Insurance Company is a joint venture between the State Bank of India and BNP Paribas Cardiff. The State Bank of India has a stake-holding of 74% of the company whereas the BNP Paribas Cardiff has a stake-holding of 26%. The SBI Life Insurance Company offers a very wide range of insurance products for its customers and also gives utmost importance to customer satisfaction.

SBI Life Insurance Child Plans

SBI Life Insurance Company offers various child insurance plans so that you can choose the plan according to the requirements of your child.
  1. SBI Life-Smart Champ Insurance
  2. SBI Life-Smart Scholar Plan


SBI Life-Smart Champ Insurance Plan

The SBI Life-Smart Champ Insurance is a non-linked participating life insurance plan and its major features along with benefits can be summarized below.
  1. This SBI Life Insurance child plan provides security to the financial needs of your family and secures the future of your child.
  2. The SBI Life-Smart Champ Insurance participates in the profits by the terminal and revisionary bonus.
  3. This SBI Life child plan has inbuilt Accidental Total and Permanent Disability Rider and Waiver of premium rider.
  4. If you would opt for a sum assured that is higher than Rs. 2 lakhs, then you can avail the benefit of rebate on premium.
  5. Under this SBI Life insurance child plan, guaranteed smart benefit payout is done in the last four years i.e. after the child has crossed 18 years of age and has attained 21 years of age.
  6. The final instalment of the guaranteed smart benefit includes the vested bonus and terminal bonus. This last instalment is paid on the maturity of the SBI Life Smart Champ insurance.
  7. You can avail of a loan up to a maximum value which is equivalent to 90% of the Surrender Value of the SBI Life-Smart Champ Insurance plan.
  8. You can choose the premium payment option i.e. either Single premium or Limited premium.
  9. In case of death or disability of the life insured this SBI Life Insurance Child plan provides a lump sum amount which is equivalent to 1.10 or 1.25 of the Single Premium or 5/7/10 times of the annual premium. This lump sum is paid to your nominee; all the further premiums are waived off and are paid off by the insurance provider. The guaranteed smart benefits of the plan will be paid off as and when they fall. Moreover, the plan will also earn bonuses.  

SBI Life-Smart Scholar plan


The SBI Life –Smart Scholar plan is a market-linked insurance plan which helps in providing higher returns for the money that has been invested along with the cover provided by an insurance plan.

The major features and benefits of the SBI Life-Smart Scholar Plan are mentioned below.


  1. In this SBI Life Insurance Child plan, the life assured is you whereas the benefits are meant for your child.
  2. You would receive the fund value on the maturity date of this plan. The life assured can decide on receipt of the benefit either once on the maturity or in the form of instalments over 5 years after maturity.
  3. In case of your demise, the nominee is eligible to receive the sum assured which should not be less than 105% of the premium that has been paid. Then the company continues paying the premium and the fund keeps on growing till the policy term is completed. Also, the nominee will receive the fund account on its maturity.
  4. The premium for this SBI Life Insurance Child plan can be paid by Single pay option, Limited Pay option or will be paid throughout the term of the plan.
  5. There is an availability of one free partial every year in case of the minimum amount being Rs. 5000 and the maximum amount being 15% of the fund value.
  6. After specific intervals, additional loyalty additions are being paid in this SBI Life Insurance child plan.
  7. You have the option of selecting among the 7 funds for the investment of the premium for this plan.
  8. The facility of premium redirection is available after 2 years so that the future premiums can be redirected into a different fund other than the one which has been chosen at the time of policy inception.
  9. There are two inbuilt riders present in the plan i.e. the Premium Payor Waiver Rider and the Accidental Benefit Rider.

How to apply for SBI Life Insurance Child Plans?


SBI Life Insurance Child plans can be bought by two different methods i.e.

Online Mode


It is quite easy and convenient to apply for the SBI Life Insurance Child plan by online method. 

  1. You can visit the official website of SBI i.e. www.sbilife.co.in and log in using your credentials.
  2. You can select the SBI Life Insurance child plan according to your requirements.
  3. You can provide the necessary details and select the premium payment mode.
  4. On the validation of the data and receipt of premium, your SBI Life Insurance child plan would be issued.

Offline Mode


By the Offline method of applying for SBI Life Insurance Child plan, you can visit the SBI branch offices or take help from Insurance advisors and apply for the plan.

Hence, SBI Life Insurance Child Plans are quite essential and beneficial as they will help the parents in fulfilling their duties towards their children even in adverse situations of life. The benefits like Total Disability benefit and the Death and Accidental Permanent benefit give an assurance that the education of a child will not be hampered even in case of any unexpected incident. This plan secures the child's future and gives a sense of peace of mind to the parents.


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